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In addition, in Valenti v.Commissioner, the court reiterated that Section 165(d) applies to professional gamblers as well as recreational gamblers. [6] The court stated, "... it has been held both by this Court and various courts of appeals that wagering losses cannot be deducted, except to the extent of the taxpayer's gains from wagering activities, and it has been so held even where such ...
United States, 633 F. Supp. 912 (D. Nev. 1986), [1] was a federal tax refund case, decided in 1986, regarding the U.S. federal income tax treatment of the gambling income of a professional gambler. Because of this case, gambling winnings in the United States can in certain cases be treated as business income for federal income tax purposes.
In the tax year at issue in the case, the taxpayer had earned $70,000 in gambling winnings. [3] The Court found that the constant and large scale effort the taxpayer made towards gambling qualified it being a trade or business. [7] It was more than just a hobby or amusement; [3] it was his livelihood. [3]
DeWine wants to double the gambling tax from 20% to 40% to fund pro sports stadiums and youth sports. He said this would give the state another $130 million to $180 million a year for pro and ...
The casino floor at Wynn Las Vegas in Paradise, Nevada. In the United States, gambling is subject to a variety of legal restrictions. In 2008, gambling activities generated gross revenues (the difference between the total amounts wagered minus the funds or "winnings" returned to the players) of $92.27 billion in the United States.
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First, the Federal Income Tax Code provisions covering discharge of debt were inapplicable since the situation failed to meet the definitional requirements of section 108(d)(1). [1] Second, the settlement of Zarin's gambling debts constituted a "contested liability."
Umpire Pat Hoberg is the latest professional sports figure caught in a betting scandal. The 38-year-old Hoberg was fired by Major League Baseball on Monday for sharing his legal sports gambling ...